Rategain Travel Technologies Limited which had tapped the capital markets with its fresh issue for Rs 375 crs and an offer for sale of 2,26,05,530 equity shares was oversubscribed 17.40 times. The issue had opened on Tuesday the 7th of December and closed on Thursday the 9th of December and had a price band of Rs 405-425.

The discovered price at BSE was Rs 364.80 at which price 18,468 shares were traded while it was Rs 360 at NSE where 20,51,051 shares were traded.

The QIB portion was subscribed 8.42 times, HNI portion was subscribed 42.04 times, the Retail portion was subscribed 8.06 times and the Employee portion was subscribed 1.37 times. There were 6.63 lac applications and on basis of lots, the retail portion of the issue was subscribed 7.42 times.

Earlier the company allotted 1,40,90,136 equity shares at Rs 425 to 20 anchor investors comprising of 34 entities. The highest allocation was made to the Government of Singapore who was allotted 16,44,650 shares or 11.67% of the anchor book. Along with its associate, the Monetary Authority of Singapore who was allotted 2.45% of the anchor book or 3,55,355 shares. The total allotment was 20,00,005 shares to 4 entities which comprised two FII’s and two domestic mutual funds. The FII’s were Ashoka and Nomura while the domestic funds were ICICI Prudential and Nippon. The top five anchor investors were allotted 76,47,185 equity shares or 54.27% of the anchor book.

The high of the day on BSE was Rs 382, the low was Rs 334.10 and the close was Rs 340.50. The loss was Rs 84.50 or 19.88%. On NSE, the high of the day was Rs 383, the low was Rs 333.85 and the close was Rs 340.05 a loss of Rs 84.95 or 19.99%.

The traded volume on the two exchanges combined was 190.04 lac shares which was 0.60 times the IPO size of 314.41 lac shares and 1.10 times the non-anchor portion of 173.51 lac shares. Delivery volume was 98.69 lac shares which were 51.93 % of the traded volume. It was 31.39 % of the issue size and 56.88 % of the non-anchor portion. The weighted average of the day’s trade was Rs 362.15 on BSE and Rs 361.33 on NSE.

In terms of institutional or bulk trade, four were reported on NSE. The first was a buy trade where Goldman Sachs bought 7,19,727 shares at Rs 361.71. The next three were sell trades reported on NSE. The first of these was from Rajasthan Global Securities, which sold 9,35,105 shares at Rs 362.18. The second was from Edelweiss Mutual Fund who sold 6,82,110 shares at Rs 360.7 per share. The third trade was from Integrated Core Strategies who sold 8,78,838 shares at Rs 356.22 per share. While one trades on the buy-side was for 7.19 lac shares there were three on the sell-side for 24.96 lac shares.

The overall traded quantity was poor yet the share appeared to be under pressure as the day progressed. While, the share appears to have had a poor listing as it is manged to close with day with losses of 20% on listing day, considering the fact that this was a new age company and claimed to be the first SaaS company it would be well below par. There could be more pain to follow in the coming days.

In conclusion, a poor listing and well below par for the company on day one, with more pain to follow.